Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Chapter 380 Agreement with Independent Bank Group, Inc.
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: August 15, 2017
DEPARTMENT: City Manager
CONTACT: Paul G. Grimes
RECOMMENDED CITY COUNCIL ACTION:
• Approve Resolution
ITEM SUMMARY:
• The attached Agreement provides for incentives in the form of ad valorem tax reimbursements for a 10 year period on building improvements and business personal property, up to an aggregate maximum of $1,043,000, incident to the relocation of the corporate national headquarters of Independent Bank Group, Inc. to a new office building and campus on a 10.4 acre parcel in the Craig Ranch Corporate Center.
BACKGROUND INFORMATION:
• Independent Bank Group, Inc. recently announced its construction of a new corporate national headquarters in McKinney. The project is estimated at $44,400,000, including a 6-story office building and a 750-space structured parking garage. The facility must be completed by December 31, 2019 to receive the incentives. Independent Bank Group, Inc. is currently located at 1600 Redbud Boulevard in McKinney.
SPECIAL CONSIDERATIONS: None
FINANCIAL SUMMARY:
• The tax reimbursements are paid after the City receives ad valorem taxes from the property owner.
BOARD OR COMMISSION RECOMMENDATION: None